Tiffany beats profit estimates on soaring China demand

Tiffany & Co, which is being bought by French luxury giant LVMH, beat Wall Street expectations for quarterly profit on Tuesday as the US jeweller benefited from a more than 70-per-cent rise in sales in China and a recovery in demand at home.

The results bode well for the upcoming holiday season for the jeweller and other luxury retailers in general, which have been hit hard by the pandemic. They also underscore the growing importance of sales within mainland China to offset dependence on tourism, especially on Chinese tourists visiting fashion hubs like Milan and Paris.

“We had a strong third quarter …. which speaks volumes about the enduring strength of the Tiffany brand and gives us confidence as we enter the important…